How can your state, county, or local officials act to slow and reverse climate change faster without raising taxes? There’s a simple tool available, just proven by the State of Connecticut, called microbonds, which are municipal bonds available for purchase by grassroots investors. In an article that Mark Sommer published in Newsweek, you’ll learn how the state issued $25 million in Green Liberty Bonds focused on rooftop solar deployment. Purchasable in denominations as small as $1,000, the bond issue was quickly oversubscribed by a factor of four. The State is now working with Raise Green, a crowdfunding platform, to develop notes with denominations as small as $100.
This issue of The Main Street Journal also includes ideas about expanding local ownership through worker coops and public pensions, and an opportunity to self-identify as a local investment champion (detailed below). With this knowledge, you can take ideas like microbonds and implement them in your own backyard.
– Michael Shuman, Publisher of The Main Street Journal
NEWS
Main Street Can Fund Climate Action, Newsweek (August 19, 2021)
Acquisition-Conversion: A Promising Strategy For Scaling Worker Ownership, Shareable (August 19, 2021)
Vermont Solidarity Investing Club Invests in Co-ops, Shareable (August 26, 2021)
Recalibrating Public Pensions to Address Inequality in Rhode Island, Uprise RI (August 30, 2021)
PARTNER VOICES
Project Equity Joins The San Diego Workforce Partnership, Project Equity (August 23, 2021)
Embracing Non Traditional Fundraising Models With Absinthia Vermut, Capital Insight Podcast (August 23, 2021)
Testing the Waters for Securities Offerings, Cutting Edge Capital (August 12, 2021)
EVENTS
Community Investment Fund Toolkit Launch – Webinar. Wednesday, September 22, 3-4:30pm EDT. Hosted by NC3.
SPECTRUM21: Color of Money – Virtual Conference. Wednesday, September 22. Hosted by SOCAP. This half-day event explores the importance of finance and race with a range of conversations focused on the need to diversify fund managers, a call for more investment in Black and Brown entrepreneurs and closing the wealth gap.
ICYMI
Employee Ownership Centers Launch in DC and Missouri, Fifty by Fifty (August 4, 2021)
How To Invest In Your Community Without Being Wealthy, Technical.ly (August 16, 2021)
This Iowa City Restaurant Owner Started a Food Delivery Co-op, Marketplace (August 18, 2021)
How CDFIs Are Rethinking Lending Risks to Expand BiPOC-led Businesses, ImpactAlpha (August 18, 2021)
BECOME A MAIN STREET CHAMPION
Have you always wanted to start a local investment club? A website of local investment offerings in your community? A local investment study group? Whatever your interest or ambition, we invite you to “go public” to help others in your region find you, scheme with you, and start a local investment movement in your community. Our goal is to identify dozens, then hundreds, then thousands of Main Street Champions like you across America. We already have Main Street Champions across the U.S., from San Luis Obispo, CA to Providence, RI, and even Australia! Together, we can move our hard-earned savings from Wall Street back into our communities. Fill out the short “intake” survey below to get started. We will be making the list public within a few weeks.
READ OUR PAST ISSUES
Issue #1 – Intro to The MSJ! (June 24, 2021)
Issue #2 – Local climate investments, CDFIs, & agricultural co-ops (July 8, 2021)
Issue #3 – Public banking, a driver-owned Uber, & growth capital (July 22, 2021)
Issue #4 – Plant closure causes disastrous ripple effects on local economy (August 5, 2021)
Issue #5 – Local investing leaders, infrastructure bill, community land trusts (August 19, 2021)
About The Main Street Journal
The Main Street Journal aims to catalyze the movement of $50 trillion from Wall Street to Main Street to facilitate economic development and economic justice. It’s sponsored by the National Coalition for Community Capital, with a grant from the Heron Foundation. We welcome feedback about everything, from our design to content. And we welcome suggestions of other groups to involve as partners, and other information to include. Please send ideas to Sophia Leswing at sophia@main-street-journal.com.
PARTNERS
We welcome any nonprofit or for-profit committed to local investment as a partner. If your organization is interested, please contact Sophia Leswing at sophia@main-street-journal.com.